Construction, Estonia, Financial Services, Markets and Companies, Real Estate

He said jokingly that it has been the biggest Nordecon's one-time private donation to culture and gave a symbolic cheque for 4 million euros to Urmas Dresen.

Janno Viik, CEO of Nordecon, said that the project’s loss has been recorded in the company's annual accounts 2010-2011 which the company ended with a loss of 17.8 million euros.

Vink said that claims that the state promised to compensate the loss to Nordecon with other projects; however, it has not been fulfilled yet.

Nordecon won the public tender for renovation of Lennusadama with the cheapest offer, but in the course of the project asked the state for 30% more money because the work turned out to be extremely complicated.

The state allocated 17 million euros for renovation of Lennusadam.

When presenting financial results of the company for the first quarter 2012, Jaano Vink said that they were according to their expectations.

"The results of the first quarter were, in principle, as presumed – nothing surprising or unexpected. This refers to stable movement from the area of influence of the passing crisis in the construction market to a gradually improving operational environment. Construction is a relatively inert business area, where due to the long-term performance of contracts it is quite easy to predict the general trends over a longer period," said Jaano Vink, Chairman of the Management Board of Nordecon.

"The year-over-year comparison indicates that, as expected, the performance in our main area of activity has gradually improved, which is logical. As usual, in the first quarter the weather conditions also had a greater impact on the activities of the companies, and less new procurements were published during this period," Vink noted.

As reported, Nordecon ended the first quarter of 2012 with net loss of 1.408 million euros.

The loss attributable to owners of the parent, Nordecon, was 1.364 million euros.

The first quarter of 2011 ended in a net loss of 1.234 million euros and the loss attributable to owners of the parent was 1.177 million euros.